Philippines Business News

DA fast-tracks Bulan Fish Port expansion

THE government is accelerating the expansion of the Philippine Fisheries Development Authority (PFDA) Bulan Fish Port Complex in Sorsogon as part of a broader push to invest in fisheries infrastructure and strengthen the country’s marine food supply chain, the Department of Agriculture (DA) said on Thursday. Agriculture Secretary Francisco Tiu Laurel Jr. said President Ferdinand Marcos Jr. has ordered the project fast-tracked, with completion targeted by end-2027.Every year of delay means

Bill seeks removal of VAT on power

QUEZON City 4th District Rep. Jesus “Bong” Suntay has filed a measure that seeks to remove the 12-percent value-added tax (VAT) on electricity consumption for all end-users, including residential, agricultural, commercial and industrial consumers. Under House Bill (HB) 10160, or the Electricity VAT Relief Act, electricity sales would be exempt from the VAT. HB 10160 also requires power distributors to clearly reflect the VAT savings in consumers’ monthly billing statements. &ld

Garcia files complaints against 3 prosecutors

CEBU CITY — Former Cebu Provincial Capitol consultant Byron Garcia filed criminal and administrative complaints against three Mandaue City prosecutors, alleging violations of due process in the handling of criminal cases filed against him. Garcia submitted his complaints before the Office of the Ombudsman-Visayas on Wednesday, naming Associate Prosecutor Mariven Calamba, Deputy City Prosecutor Sarah Vanessa Lacno-Tudtud and City Prosecutor Mary Francis Daquipil as respondents. He accused t

New guidelines on farmland conversions out by August

NEW guidelines on farmland conversion may be released in August, following the lifting of a five-month moratorium on agricultural land reclassification earlier this month. The freeze sought to protect farmlands from unregulated conversion to urban and commercial uses, preserve food security and allow the Department of Agriculture (DA) to reassess its regulatory framework.Only certain projects — including green energy developments, socialized housing initiatives and applications for agro-in

Antique seafarer killed in Ukraine drone strike

ILOILO CITY — A seafarer from Antique was killed after the cargo vessel he was serving on was struck in a drone attack at the Port of Pivdennyi on Ukraine’s southern Black Sea coast, amid the Russia-Ukraine war. The victim was identified as Jude Prado Pagunsan, a resident of Sitio Wayang, Barangay Ubos, Valderrama, Antique. His family confirmed his death following the attack. Pagunsan was aboard the MV Venturo when it came under attack. He was among the two reported fatalities. A rep

Climate group: PH needs more RE plants

THE Institute for Climate and Sustainable Cities (ICSC), a nonprofit policy group, said the recent spike in electricity rates underscores the need for more indigenous and renewable power plants in the country. ICSC energy transition advisor Alberto Dalusung III said the generation charge remains the largest component of consumers’ electricity bills, even as public attention has centered on other charges. This points to the need for a more diversified power mix built on indigenous renewable

EDITORIAL CARTOON

Marcos to inaugurate children’s medical center

PRESIDENT Ferdinand Marcos Jr. will lead the inauguration of the Department of Health’s Jose B. Lingad (DOH-JBL) Children’s Medical Center at Clark Freeport Zone on Friday. The seven-story and more than 100-bed capacity facility is one of the specialty hospitals within the 5.7-hectare Clark Multi-Specialty Medical Center (CMSMC) Complex located along Prince Balagtas Avenue. CMSMC, a flagship project of the Marcos administration, offers its services not only for patients from Central

PNP chief ‘no harassment’ remark scored

THE National Press Club of the Philippines (NPC) slammed Philippine National Police (PNP) chief Gen. Jose Melencio Nartatez Jr. for denying the “harassment” of photojournalists covering protests during the Asean Summit on Wednesday. The country’s oldest media organization said Nartatez’s statement was premature, biased and damaging to the credibility of the PNP’s own probe. The Manila Times chief of photographers Rene Dilan and veteran photojournalist Bullit Marquez

The role of capital markets in the economy

WHEN people hear the term “capital markets,” they often picture the stock exchange. However, it means more than just securities traders. Every new factory, school, hospital, renewable energy project, housing development, or tech startup starts with a key necessity: securing long-term capital. Capital markets play a vital role in the economy by converting savings into productive investments. They link individuals and institutions with the capital needed for business investments. When

Ayala: $6.9B in sustainable financing secured last year

AYALA Corp. on Thursday said that it secured approximately $6.9 billion in sustainable financing last year as it announced its continued inclusion in the global sustainability benchmark FTSE4Good Index Series for a 12th straight year. In a statement, the conglomerate said the continued inclusion reinforced the Ayala Group’s standing in a global benchmark followed by investors and other stakeholders. Core businesses ACEN Corp., Ayala Land Inc., Bank of the Philippine Islands and Globe Telec

Defending the municipal fishing zone

IT is highly ironic that an archipelagic country like the Philippines is grappling with the intertwined problems of illegal fishing and a declining catch. Last year, Karagatan Patrol reported a spike in commercial fishing incursions in the 15-kilometer exclusive zone for municipal fishermen. The online platform, set up by the international ocean conservation advocate Oceana in partnership with the League of Municipalities in the Philippines to monitor illegal commercial fishing activity in munic

Go sends help to fire victims in Lanao del Sur

MALABANG, Lanao del Sur — Sen. Bong Go’s Malasakit Team extended assistance to 30 fire-stricken households here on Tuesday as the senator reiterated his commitment to strengthening government support for disaster victims and improving fire protection services nationwide. The relief initiative held at the Malabang Municipal Hall provided affected families with financial assistance, grocery packs, water containers, snacks, shirts, vitamins, basketballs, and volleyballs. “We will

MediCard bullish on growth amid increased demand for healthcare

MEDICARD Philippines, Inc. is bullish on growth amid rising demand for healthcare coverage, which it wants to serve through the continued product diversification and digitalization. “How many people in the Philippines have healthcare coverage today? How many people in the Philippines need healthcare coverage? If you take a cycle looking out three to five years, […]

Philippine banking industry hopes interest rate swaps will overtake FX market

THE PHILIPPINE banking sector sees the interest rate swap (IRS) market eventually overtaking the foreign exchange (FX) market, potentially as early as this year, as this could help develop the financial system, an industry official said. Bankers Association of the Philippines (BAP) Secretary and Open Market Committee Chair Paul Raymond A. Favila, who is also […]

BCDA pegs Pax Silica investment at up to $70B

THE Bases Conversion and Development Authority (BCDA) expects the proposed Pax Silica technology hub in New Clark City to attract between $40 billion and $70 billion in investments at full development, with the project projected to generate up to 190,000 direct jobs and $200 billion in exports, as the government on Thursday unveiled its first detailed economic projections for the initiative.

Coco Martin, Kara David are top winners at 1st FAMAS Broadcast Awards

FPJ’S BATANG QUIAPO, helmed by actor-director-screenwriter Coco Martin, swept the series categories of the 1st Filipino Academy of Movie Arts and Sciences (FAMAS) Broadcast Awards, held on July 20 at the Manila Hotel and streamed live on Facebook. The awards covered television, radio, and podcasts, and online channels. Batang Quiapo clinched Best Series, Best Screenplay, […]

MariBank secures digital bank license

MARIBANK Philippines, Inc. is now a digital bank licensed to operate in the Philippines after the Bangko Sentral ng Pilipinas (BSP) granted its application earlier this month. In a circular letter dated July 22, the central bank said it issued MariBank a certificate of authority to operate as a digital bank on July 8, upgrading […]

Aviation recovery faces renewed fuel price risk

LISTED aviation companies are expected to post stronger results in the second half as travel demand improves, but analysts warned that renewed tensions in the Middle East could derail the recovery by driving jet fuel prices higher and squeezing airline margins.

South Korean-Chinese artist Shi Shi releases EP in English

TAIWAN-BASED South Korean-Chinese artist Shi Shi (real name: Sun Sheng Xi) has dropped a new extended play titled The Taste Of…, marking her first major project written primarily in English. The EP is an accumulation of Shi Shi’s experiences developing music and collaborating with producers in the US and South Korea over the past two […]

Peso stays at all-time low as Mideast war escalates

THE PESO was steady against the dollar on Thursday, staying at its all-time low, as market players continued to monitor the situation in the Middle East as this could affect global oil prices and inflation expectations. The currency closed at P61.75 versus the greenback on Thursday, flat from Wednesday’s finish, based on data on the […]

Office market faces tougher second half as industrial outperforms — CBRE

PHILIPPINE office landlords face a more challenging second half as weak demand and aging buildings weigh on the market, while industrial and provincial retail properties offer developers better investment opportunities, CBRE Philippines said. The commercial real estate services firm said the office market would need more than 500,000 square meters of take-up in the second […]

Before data can be protected, it must be understood

The Philippines has spent years discussing data privacy, cybersecurity, cloud computing, and digital government. Yet one basic question has often remained unanswered: does government actually know what data it holds, how sensitive that data is, and what level of protection each dataset requires? Executive Order No. 119, “Updating the Government Data Classification, Establishing a Data […]

DoTr says LRT-1 Cavite extension cleared key right-of-way hurdle

THE Department of Transportation (DoTr) said construction of the Light Rail Transit Line 1 (LRT-1) Cavite Extension is moving forward after the government cleared a key right-of-way (RoW) issue along the rail line’s alignment. Transportation Acting Secretary Giovanni Z. Lopez said the RoW issue affecting the LRT-1 Cavite Extension alignment had been resolved. The development […]